The global public safety and security market size is projected to touch USD 812.6 billion by the end of 2025, as per the report released by Million Insights. It is projected to grow with 14.8% CAGR over the forecast duration. The increasing advancement of public safety policies and regulations worldwide is projected to supplement the growth of the market in the upcoming years. These solutions offer effective measures to guarantee the protection of critical infrastructure, organizations, and individuals against several threats such as illegal drugs, illegitimate immigration, and terrorist attacks. Moreover, the increasing artificial and natural disasters are also predicted to bode well for the product demand over the estimated period.
Nations are emphasizing on incorporating regional cooperation in the cross-border disaster areas to tackle the major issues by implementing geospatial data gathering, emergency management systems, and critical communication infrastructure. Governments are coming up with standards and regulations to enhance surveillance and public safety. Surveillance systems are extensively effective for various transit agencies to monitor their remote systems, while critical communication allows secure communication between several units, which is significant in crisis management.
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Owing to rapid digitalization of banking and financial systems, there have been a steady rise in the implementation of digital security to combat the growing cases of cyber-attacks. The growing awareness relating to security, exchange of old systems and the increase in harmful industrial operations are few factors propelling the product demand. Thus, to fulfill the surging demand, there has been a substantial rise in the fund allocation by nations for modernizing the old IT infrastructure and the deployment of dedicated departments to combat increasing cyber-attacks. However, the implementation cost and lack of operability between new and old systems are restraining market growth.
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Further key findings from the report suggest:
• Managed services are predicted to foresee rapid growth in the upcoming years due to the rising implementation of public safety & security solutions in smart cities.
• The emergency & disaster management division is anticipated to grow noticeably from 2019 to 2025 due to the growing preference for these solutions to enhance disaster management and emergency circumstances.
• The logistics & transportation division is estimated to expand at the fastest CAGR from 2019 to 2025 owing to growing emphasis of government on the implementation of rail and road infrastructure undertakings.
• Asia Pacific is projected to grow with swift CAGR over the forecast years owing to the rising investment on these solutions to enhance public safety, especially in developing nations such as China and India.
• Leading players in the public safety & security market are General Dynamics; Ericsson; ESRI; Harris Corporation; NEC Corporation; Atos; SAP SE; Huawei Technologies Co., Ltd.;Genetec; and Cisco Systems, Inc.
Million Insights has segmented the global public safety and security market on the basis of service, solution, application, and region:
Public Safety and Security Service Outlook (Revenue, USD Billion, 2014 – 2025)
• Professional Services
• Managed Services
Public Safety and Security Solution Outlook (Revenue, USD Billion, 2014 – 2025)
• Biometric Security & Authentication System
• Critical Communication Network
• C2/C4ISR System
• Surveillance System
• Screening & Scanning System
• Emergency & Disaster System
• Public Address & General Alarm
• Backup & Recovery System
Public Safety and Security Application Outlook (Revenue, USD Billion, 2014 – 2025)
• Emergency Services
• Homeland Security
• Critical Infrastructure Security
• Logistics & Transportation System
Public Safety and Security Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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